Maplebear (NASDAQ:CART) Coverage Initiated by Analysts at Mizuho

Mizuho began coverage on shares of Maplebear (NASDAQ:CART) in a research note published on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $55.00 price target on the stock.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC raised shares of Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Tuesday. Piper Sandler raised their price objective on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Robert W. Baird increased their price target on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average price target of $48.31.

Maplebear Stock Performance

CART opened at $46.45 on Tuesday. The business’s 50-day simple moving average is $43.61 and its 200 day simple moving average is $39.57. The firm has a market capitalization of $11.93 billion, a PE ratio of 31.17, a PEG ratio of 1.08 and a beta of 1.04. Maplebear has a 52-week low of $22.70 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The company had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($20.86) EPS. On average, research analysts forecast that Maplebear will post 1.4 earnings per share for the current year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total transaction of $921,092.50. Following the completion of the sale, the chief executive officer now owns 1,803,278 shares of the company’s stock, valued at approximately $80,047,510.42. This represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the transaction, the chief accounting officer now owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,128 shares of company stock valued at $4,980,404. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Large investors have recently modified their holdings of the company. Portman Ltd bought a new stake in Maplebear during the third quarter valued at $3,196,000. State Street Corp raised its position in shares of Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after acquiring an additional 831,795 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Maplebear in the 3rd quarter valued at about $1,442,000. Charles Schwab Investment Management Inc. boosted its position in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in Maplebear during the third quarter worth approximately $4,853,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.